The S&P 500 (SPX) is set to end the trading week on a high note after Iran said the Strait of Hormuz will be open for the duration of the 10-day Israel-Lebanon ceasefire.
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Forget margin or options. Here's how the pros trade QQQ“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran,” said Iranian Foreign Minister Abbas Araghchi in an X post. Oil prices sank following the post, with Brent crude oil futures (BZ) down by 10% at the time of writing.
Trump Says Deal Near as Blockade Persists
Trump corroborated Araghchi’s statement in a Truth Social post, adding that the U.S. naval blockade of ships entering and leaving Iranian ports will remain in place until the two sides are able to reach a deal. “THIS PROCESS SHOULD GO VERY QUICKLY IN THAT MOST OF THE POINTS ARE ALREADY NEGOTIATED,” he said.
Trump previously emphasized that peace talks had progressed and that a peace deal could be “announced fairly soon” with a second round of talks potentially taking place this weekend.